Remediating financial crime checks at a UK bank

Overview: Remediating financial crime checks at a large UK retail bank

Data Consultancy, Aptitude, used Experian data to help a large UK retail bank with KYC remediation

Know Your Customer (KYC) remediation programmes have become UK banks’ largest operational burden – in time, money, and effort. Data Consultancy, Aptitude, used Experian data to help a large UK retail bank tackle their growing remediation backlog, demonstrating a potential cost saving of over 50%.

Read our paper to find out exactly how they did it, and how other UK banks can replicate this process.

Challenge overview

Aptitude data consultancy was tasked with helping a tier 1 bank tackle their growing KYC remediation backlog. Aptitude wanted to find a way to automate the banks existing approach, rather than manually reaching out to every single customer. To do this, they needed quick and accurate third-party data.

Challenges
  • Help the bank tackle their growing KYC remediation backlog
  • Reduce manual KYC checks
  • Quickly and accurate verify that the information provided by the customer is correct
View Aptitude Profile
Company Bio:

Aptitude Global was established in 2014 as a niche consulting firm with a high entrepreneurial spirit. They have a history in Business Consulting, Data Engineering and Investments. In 2020 they set up Aptitude.AI, a subsidiary in Spain specialising in IT Consulting. The business focuses on helping organisations with transformation through an innovation-led approach, curated by DataLab.

Established: 2014
Industry: Financial Services
We can make KYC checks for commercial customers radically quicker, cheaper and easier – and at the heart of that is the third-party data which is provided by Experian.
Alan Brown, CTO, Aptitude

Solution overview

Using Experian’s third-party data, we can help banks and financial institutions to automate their KYC checks – proactively monitoring their portfolio and only notifying and requiring manual intervention when there has been a change in the data which may impact a customer’s risk assessment.

Experian’s KYC reviews helped a large UK retail bank tackle their growing remediation backlog, with a potential cost saving of over 50%.
Discover a new approach to fighting financial crime
Results
  • ~70% reduction in manual checks for consumer customers
  • ~40% reduction in manual checks for commercial customers
  • Demonstrating the potential to save hundreds of millions of pounds in operational costs
Solutions
Remediating financial crime checks at a large UK retail bank

Learn how Aptitude and Experian cut KYC remediation costs for a UK retail bank

Download full case study

Related Products

We have solutions we can tailor for your business needs

Speak to an expert
Case Study
Creation of a communications framework to support future sustainable transportation needs

Transport for West Midlands (TfWM) is the transport arm of the West Midlands Combined Authority. TfWM is responsible for formulating transport strategy, policy and project delivery incorporating highways, freight, rail, bus and tram.

TfWM needed to understand the population of the West Midlands and their attitudes and behaviours towards travel, before being able to develop new transport services to generate modal shift and transport decarbonisation.

See full story >
Case Study
Experian help Bauer fine-tune their advertising on a local level

Bauer Radio is a much loved and listened to broadcaster with dozens of stations that are played all day long across the country. In this digital world, with localised signals it can be a challenge to ensure the right listener has the right broadcast, and Experian helps them to make this happen.

After acquiring 40+ new radio stations, Bauer Media needed a way to match the new radio catchment centres to Postal District centroids to ensure their clients’ paid advertising was optimised and the right adverts were hitting the right listeners in the right locations.

See full story >
Case Study
Wales & West Utilities improve their emergency response rates with address validation for SAP CRM

Wales & West Utilities is the gas emergency and pipeline service across Wales and the southwest of England. With a gas network of more than 35,000 km of gas pipes, they supply gas to around 2.5 million households and businesses, serving a population of 7.5 million people. Discover how Wales & West Utilities drastically improved their engineer response with Experian Data Validation for SAP CRM solution

See full story >
Case Study
Saga overhauled their data management programme to address customer duplication and quality issues

While data management initiatives have been on companies’ wish-lists for many years, an increasingly stringent regulatory environment allied with extensive data privacy legislation has now put data governance at the top of the agenda for many customer-driven businesses.

In the case of Saga, a British company that provides services for the over 50s, a major data programme is currently underway.

See full story >
Case Study
Leeds Building Society cuts mortgage decisions in principle to 11 seconds

Increasing operational efficiency, scalability and speed of decisions, Leeds Building Society has seen immediate business change and value after implementing Experian’s PowerCurve Originations platform. The society will benefit further from the flexibility to expand, adapt and control future requirements, including climate risk strategies and more.

Leeds Building Society has been on a transformation journey, with a vision to improve mortgage processing and digitally enhance the customer experience.

See full story >
Case Study
Learn how Caritas Australia increased donor retention rates and active donors in the database by 5%

Caritas Australia experienced data quality issues which affected their ability to communicate with donors and resulted in higher costs for their fundraising campaigns.

With 370,000 records in their Salesforce CRM, the Fundraising Team recognised that donor contact data needed to be cleaned and tools put in place to capture accurate data across their donor touchpoints moving forward.

See full story >